Core Viewpoint - Recent deliveries of dry mixing coating equipment for solid-state battery production by XianDao Intelligent to various well-known battery manufacturers and automotive OEMs indicate a significant advancement in the solid-state battery sector, with potential cost and energy savings [1] Group 1: Equipment Performance - The dry mixing coating system from XianDao Intelligent can reduce production energy consumption by over 35% and decrease overall material and manufacturing costs by more than 15% [1] - The system features high compatibility, accommodating various electrode materials including graphite/silicon-carbon anodes and ternary/lithium iron phosphate cathodes [1] - The innovative variable roller diameter heating system saves 60% energy compared to oil heating solutions, while the temperature control in the fiberization segment further reduces energy consumption by approximately 50% [1] Group 2: Production Process and Future Outlook - XianDao Intelligent has established a comprehensive equipment layout covering the entire solid-state battery production process, positioning itself to benefit from the rising demand for solid-state battery equipment [1] - The Ministry of Industry and Information Technology is expected to conduct a mid-term review of the project by the end of 2025, with the main challenges in solid-state battery manufacturing anticipated to be addressed during the critical period of 2025-2026 [1] - Continuous iteration and optimization of equipment are expected as the industry moves towards pilot production lines [1]

Core Viewpoint - Recent deliveries of dry mixing coating equipment for solid-state battery production by XianDao Intelligent to various well-known battery manufacturers and automotive OEMs indicate a significant advancement in the solid-state battery sector, with potential for reduced production costs and energy consumption [1] Group 1: Equipment Performance - XianDao Intelligent's dry mixing coating system can reduce production energy consumption by over 35% and decrease overall material and manufacturing costs by more than 15% [1] - The system features high compatibility, accommodating various electrode materials including graphite/silicon-carbon anodes and ternary/lithium iron phosphate cathodes [1] - The innovative variable roller diameter heating system saves 60% energy compared to oil heating solutions, while the three-stage temperature control in the fiberization segment further reduces energy consumption by approximately 50% [1] Group 2: Precision and Control - The equipment ensures micron-level stability in feeding, roller width, and belt movement, with a blade-roller distance controlled at the micrometer level and roller gap adjustment precision of ±1μm [1] - This high precision is crucial for maintaining dynamic balance in wide roller gaps, enhancing the overall production quality [1] Group 3: Market Outlook - XianDao Intelligent has established a comprehensive equipment layout covering the entire solid-state battery production process, positioning itself to benefit from the anticipated increase in both volume and price of solid-state battery equipment [1] - The Ministry of Industry and Information Technology's project is expected to undergo a mid-term review by the end of 2025, with the manufacturing challenges of solid-state batteries projected to reach a critical phase between 2025 and 2026 [1] - Continuous iteration and optimization of equipment are expected during this key period [1]

Core Viewpoint - Recently, the company has delivered multiple sets of dry mixing coating equipment for solid-state battery production lines to various well-known domestic and international battery manufacturers and automotive OEMs, indicating a significant advancement in solid-state battery technology and production capabilities [1] Group 1: Equipment Delivery and Production Cost Reduction - The GWh-level dry film forming equipment can significantly reduce overall production costs by over 15% [1] - The delivered equipment is a mass production type integrated dry mixing coating system, covering all processes including controlled feeding, film formation, thinning, current collector compounding, and quality inspection [1] - The company has established a comprehensive equipment layout covering the entire solid-state battery production process, positioning itself to benefit from the rising volume and price of solid-state battery equipment [1] Group 2: Industry Policy and Application Acceleration - On the policy front, the Ministry of Industry and Information Technology issued a standard system for all-solid-state batteries in April 2025, with a prior investment of 6 billion in dedicated R&D funds [1] - On the application front, terminal road tests and pilot trials by leading battery manufacturers are gradually progressing, indicating an acceleration in the industrialization of solid-state batteries [1] Group 3: Profit Forecast and Investment Rating - The company maintains its forecast for net profit attributable to shareholders for 2025-2027 at 1.5 billion, 2 billion, and 2.5 billion respectively [1] - The current stock price corresponds to dynamic P/E ratios of 56, 42, and 35 times for the years 2025, 2026, and 2027 respectively [1] - The company maintains a "buy" rating based on these projections [1]